Tony Blair met champion rower Sir Steve Redgrave

"Having successful sporting role models is one of the best ways of motivating young people not just to follow sport, but also to take part," the prime minister said.

"That is not only good for our future medal prospects but also for the health and well-being of society as a whole."

An anti-drugs policy?

Sport was a "pro-education policy, a pro-health policy, an anti-crime and anti-drugs policy" which helped teach children teamwork and how to cope with victory and disappointment "in equal measure"

While he did not wish the government to run sport, Mr Blair said he believed that it could help "create the right conditions" for success.

The measures announced by Mr Blair will apply only to England, and the two-hours entitlement to sporting activity will come into force only after consultation with teachers and parents, said Mr Blair.

The curriculum element is expected to be compulsory but pupils would also be able to opt for post-school sport to take them up to the two-hour minimum.

No date was given for when the plans would be implemented.

Culture, Media and Sport Secretary Chris Smith said earlier that investing in sport would help Britain in future Olympics and the development of the country's children.

Speaking on BBC Radio 4's Today programme, he said: "It is important that children wherever they live, and particularly in deprived areas, do get the opportunity to play sport and develop sport skills.

"Sport is not only good for ensuring that as a country we can have the Olympic athletes for the future but sport is fantastically important for the individual development of every child."

Re-announcing funds?

Tory sports spokesman John Greenway said he was delighted that the prime minister was hosting an event for Britain's "Olympic heroes".

But referring to the anticipated announcement of extra funds for sport, he accused the government of "re-announcing commitments they made some time ago".

"Sports bodies will also be concerned if the government wants to control the distribution of funds, instead of trusting governing bodies and the national sports councils to determine priorities," Mr Greenway said.

He also said that the government had failed to provide "real leadership for sport" presiding over the "failed World Cup bid, the ongoing fiasco of Wembley Stadium and the non-existent UK Sports Institute".

"The next Conservative government's Free Schools policy will allow schools to devote more time to sport, not just out of school hours but as part of the school day".